Reeves cuts VAT on summer days out to 5% as part of cost of living support

Chancellor says she will raise tax on global oil firms to help meet costs of plans and confirms freeze on fuel duty increases Business live – latest updates Rachel Reeves will cut VAT to 5% on summer attractions such as theme parks and softplay centres during the school holidays as she aims to ease the impact of the war in Iran on cash-strapped households. The chancellor told MPs on Thursday she would also raise more tax from global oil firms operating in the UK to help meet the costs of her p

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